The Capitalist’s Woodstock New Faces Flock To This Year’s Berkshire Hathaway Shareholder Shindig

Jolene Crowley tried on a $500,000 diamond bracelet but settled for a $28 pin in her first visit to the once-exclusive gathering of Berkshire Hathaway shareholders.

Crowley is a Class B shareholder - this year’s new breed of investors at an annual event billionaire Warren Buffett calls the “capitalist’s version of Woodstock.” A record 7,000 are expected to attend today’s shareholders meeting.

The less expensive “Baby Berkshires” added 40,000 shareholders to the legendary investment company’s elite corps, who make their yearly pilgrimage to Omaha to bask in the investment philosophy of Buffett and his faithful sidekick, Berkshire Vice Chairman Charlie Munger.

The Babies, which closed Friday at $1,270, certainly aren’t cheap. But they are more within reach of regular folks than the $38,000 Class A Berkshires - the most expensive shares on the New York Stock Exchange.

The new shares allowed the blue-jean set to mingle with the polo-shirt crowd Sunday at the annual pre-meeting social gathering at Buffett’s high-brow jewelry store.

Mr. Dodge, meet Mr. Lexus.

“This is the first year I came without a necktie,” said Jack Sampson of Seattle, a Class A shareholder who embraced the casual atmosphere with a sweatshirt.

A few A’s sniffed at the sneakers.

“My wife was wondering why some people are dressed so badly,” said Romeo Ferretti of Tampa, Fla., who noted he had no problem with the loosening of ties.

Despite the disparities in portfolios, there were few signs of a culture clash. Both A and B shareholders lined up for autographs from Buffett and Katherine Graham, publisher of The Washington Post - one of Buffett’s longtime investments.

More than 5,000 people attended Sunday’s event, where they could take advantage of a one-day discount - the price of an $89,000 ruby/ diamond necklace was slashed to $59,500.

But it was the folksy and humble Buffett, not the shopping, that captivated the crowd.

“The safest way to make money is to follow Buffett. He’s the smartest man on Wall Street,” Ferretti said.

“He’s been my hero for 15 years,” Sampson said. Pausing, he added: “I wish he would have been my hero for 40 years.”